State of Oregon Bankruptcy Laws

Whenever an individual is exploring the possibility of filing for bankruptcy in Oregon, he must organize his financial information. This information must be complete with all of the individual's bills, debt and expenses, along with all of his income and assets.

Types of Bankruptcy

Oregon allows for Chapter 7 and Chapter 13 bankruptcies. Depending on the individual's financial situation, they use either set of bankruptcy law. Chapter 7 is for liquidation and Chapter 13 is for reorganization.

Chapter 7 Bankruptcy

Under Oregon's bankruptcy laws, an individual can keep a homestead or proceeds from selling the homestead up to a maximum of $30,000.

Chapter 7 Eligibility

Those in Oregon who are filing Chapter 7 bankruptcy must meet the federal means test in which there are maximum levels of income. Those maximums as of March 2009 for a household with a one person earning a wage was $45,176; for a family of two, it was $56,317; for three, it was $61,046; for four, it was $72,735.

Chapter 13 Eligibility

The Chapter 13 bankruptcy law in Oregon requires an individual to have a regular income and have no more than $1,010,650 in secured debt and $336,900 in unsecured debt.

Chapter 13 Provision

An individual who wants to file Chapter 13 bankruptcy in Oregon must be prepared to pay off their debt in three to five years.

References

• Bankruptcy Law
• Bankruptcy Guidelines